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Nov 17, 2009

UPDATES FROM TAX GURU

UPDATES FROM TAX GURU (in this message: 15 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Rate of TDS on transportation charges when PAN not furnished

Posted: 17 Nov 2009 07:35 PM PST

As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor....

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Online banking Account Holders can view tax credit in form 26AS through Bank Login

Posted: 17 Nov 2009 07:29 PM PST

With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL has already made the necessary arrangement with all banks under OLTAS. These banks would enable the link for Form 26AS...

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Auto Registration of PAN for Form 26AS for salaried person on request of company

Posted: 17 Nov 2009 07:26 PM PST

In this process, NSDL will approve the organization to place a request for PAN registration. On such approval, the organization has to submit the list of employees for Form 26AS, along with their Valid PAN and Valid Email ID. Once NSDL receives such...

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Taxpayers can now view details of paid refund in their Annual Tax Statement (Form 26AS)

Posted: 17 Nov 2009 07:18 PM PST

Taxpayers who have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds received during the selected A.Y. will be displayed in Form 26AS. For instance, refunds...

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RBI may soon issue new Norms on NPA

Posted: 17 Nov 2009 07:15 PM PST

The Reserve Bank said it will soon come out with norms for banks to augment the capital requirements that the lenders have to keep aside against bad assets. "We will be issuing the circular (provisioning against NPAs) so you can then see details on...

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Court not suppose to make roving enquiry into income escaping assessment

Posted: 17 Nov 2009 07:12 PM PST

All that could happen, by allowing proceedings to continue, was that the assessing officer might pass an order of assessment or re-assessment. The petitioner would then have a spate of statutory remedies. The judge who heard a writ petition from the...

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Conversion of Shipping Bills and relevant legal provision for such conversion under the Customs Act, 1962

Posted: 17 Nov 2009 06:55 PM PST

Recently the Central Board of Excise and Customs issued a circular, Circular No. 4/2004 dt. 16-01-2004 [2004 (163) ELT T29], saying that conversion of Shipping Bills from free Shipping Bill to drawback Shipping Bill or from one export incentive...

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Cenvat Credit when CVD is paid through DEPB?

Posted: 17 Nov 2009 06:49 PM PST

Hon'ble Tribunal in Poly Hose India Pvt. Ltd. V/s Commissioner of Central Excise [2003 (152) ELT 361 (Tribunal)] held that Cenvat credit could be availed even when Additional Custom Duty is paid through DEPB. The order is well balanced and deals...

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"DHARMADA" or Charity Amount not part the assessable value under the Central excise Act

Posted: 17 Nov 2009 06:44 PM PST

In the present circumstances there are contradictory judgment of the Hon'ble apex court and in these circumstances judgment of the larger bench should be followed. In Commissioner v/s Aqua Pump Industries [1998 (102) ELT A64], 3 Judge bench of the...

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Everybody is presumed to know the law

Posted: 17 Nov 2009 06:37 PM PST

There was a settled position of law that revenue is bound by the its circulars or clarification issued under Section 37B of the Central Excise Act. The principle behind such legal proposition is very simple- is an assessee has acted based on a...

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Interpretation of rule 16 of CENVAT Credit Rules, 2002

Posted: 17 Nov 2009 06:33 PM PST

When the goods are retuned in the factory in different situations, the assessee is faced with the problem as how to take credit on the returned goods. The problem has been compounded by various trade notices saying different things. Some of the...

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Judicial Accountability for its Judgments

Posted: 17 Nov 2009 06:24 PM PST

"A company (hereinafter called C) did a Cenvat fraud. A transporter (called T) assisted the company by providing fake Goods Receipts, when actually the goods were never transported. Original authority confirm the demand and imposed a penalty of one...

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Citizens and Persons under the Central Excise Act

Posted: 17 Nov 2009 06:15 PM PST

differentiation of the term "person" and "citizen" is so basic that not much legal enlightenment is required. Nevertheless, the learned author has decided to agree to disagree, it becomes my duty to explain my point of view. Such a duty becomes more...

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Cenvat Credit on Exempted Job Work

Posted: 17 Nov 2009 05:54 PM PST

A job worker is engaged in processing material, supplied by principal manufacturers on job work basis. Such job work is covered under Business auxiliary service attracting service tax, when the process does not amount to manufacture. However,...

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Full Central Excise Exemption to North Eastern Units Restored

Posted: 17 Nov 2009 05:45 PM PST

The Gauhati High Court has restored the full exemption of Central Excise to the units in North eastern area under Area Based Exemption scheme vide Notification 32/99 & 33/99 dated 08.07.1999 as amended in 2007. The notification provided that...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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